Financial Information

Consolidated income statement

For the year ended 31 March

    2017 2016
all figures in £ million Note Underlying Specific
adjusting
items*
Total Underlying Specific adjusting
items*
Total
Revenue 2, 3 783.1 783.1 755.7 755.7
Operating costs excluding depreciation, amortisation and impairment   (647.0) 17.4 (629.6) (630.5) 0.3 (630.2)
Other income 2 9.2 9.2 9.5 9.5
EBITDA (earnings before interest, tax, depreciation and amortisation)   145.3 17.4 162.7 134.7 0.3 135.0
Depreciation and impairment of property, plant and equipment 3, 15 (26.4) (26.4) (23.0) (23.0)
Impairment of goodwill 4 (31.9) (31.9)
Amortisation and impairment of intangible assets 3, 14 (2.6) (1.0) (3.6) (2.8) (2.0) (4.8)
Operating profit/(loss) 3 116.3 16.4 132.7 108.9 (33.6) 75.3
Gain on business divestments 4 16.2 16.2
Finance income 6 1.0 1.0 1.0 1.0
Finance expense 6 (1.2) (1.0) (2.2) (1.2) (1.1) (2.3)
Profit/(loss) before tax 5 116.1 15.4 131.5 108.7 (18.5) 90.2
Taxation (expense)/income 8 (12.3) 4.1 (8.2) (12.8) 21.2 8.4
Profit for the year from continuing operations   103.8 19.5 123.3 95.9 2.7 98.6
Discontinued operations              
Profit after tax – discontinued operations 4 7.5 7.5
Profit for the year from discontinued operations   7.5 7.5
               
Profit for the year attributable to equity shareholders   103.8 19.5 123.3 95.9 10.2 106.1
Earnings per share              
Basic – continuing operations 12 18.1p   21.5p 16.3p   16.8p
Basic – total Group 12 18.1p   21.5p 16.3p   18.1p
Diluted – continuing operations 12 17.9p   21.3p 16.2p   16.7p
Diluted – total Group 12 17.9p   21.3p 16.2p   18.0p

*For details of ‘specific adjusting items’ refer to note 4 to the financial statements.

Consolidated balance sheet

As at 31 March

all figures in £ million Note 2017 2016
Non-current assets      
Goodwill 13 107.8 73.1
Intangible assets 14 34.7 8.3
Property, plant and equipment 15 238.8 233.4
Other financial assets 24 0.5 0.6
Investments 16 1.5 0.9
Retirement benefit surplus 30 156.0
Deferred tax asset 17 5.4 4.1
    544.7 320.4
Current assets      
Inventories 18 28.9 19.0
Other financial assets 24 10.7 10.8
Trade and other receivables 19 175.6 156.2
Investments 20 1.3 1.7
Cash and cash equivalents 24 211.8 263.5
    428.3 451.2
Total assets   973.0 771.6
Current liabilities      
Trade and other payables 21 (322.1) (338.7)
Current tax 22 (43.7) (39.9)
Provisions 23 (6.2) (5.3)
Other financial liabilities 24 (0.8) (0.2)
    (372.8) (384.1)
Non-current liabilities      
Retirement benefit obligation 30 (37.7)
Deferred tax liability 17 (37.0)
Provisions 23 (17.8) (13.8)
Other financial liabilities 24 (0.3) (0.2)
Other payables 21 (12.5) (11.0)
    (67.6) (62.7)
Total liabilities   (440.4) (446.8)
Net assets   532.6 324.8
Capital and reserves      
Ordinary shares 28 5.7 5.9
Capital redemption reserve   40.8 40.6
Share premium account   147.6 147.6
Translation reserve   10.3 (1.9)
Retained earnings   328.0 132.4
Capital and reserves attributable to shareholders of the parent company   532.4 324.6
Non-controlling interest   0.2 0.2
Total shareholders’ funds   532.6 324.8

Consolidated cash flow statement

For the year ended 31 March

all figures in £ million Note 2017 2016
Net cash inflow from operations 27 111.9 133.4
Tax (paid)/received   (3.0) 27.9
Interest received   1.0 0.9
Interest paid   (0.6) (0.6)
Net cash inflow from operating activities   109.3 161.6
Purchases of intangible assets   (2.2) (1.6)
Purchases of property, plant and equipment   (30.7) (28.6)
Proceeds from sale of property, plant and equipment   14.3 0.4
Acquisition of businesses (net of cash acquired) 7 (65.7) (0.6)
Sale of investment in subsidiary   28.0
Net cash outflow from investing activities   (84.3) (2.4)
Purchase of own shares   (48.1) (48.6)
Dividends paid to shareholders   (33.4) (32.3)
Capital element of finance lease rental payments   (1.4)
Capital element of finance lease rental receipts   1.5
Net cash outflow from financing activities   (81.5) (80.8)
(Decrease)/increase in cash and cash equivalents   (56.5) 78.4
Effect of foreign exchange changes on cash and cash equivalents   4.8 0.8
Cash and cash equivalents at beginning of the year   263.5 184.3
Cash and cash equivalents at end of the year 24 211.8 263.5

Company statement of changes in equity

For the year ended 31 March

all figures in £ million Issued share capital Capital redemption reserve Share premium Profit and loss Total equity
At 1 April 2016 5.9 40.6 147.6 162.8 356.9
Loss for the year (1.6) (1.6)
Purchase of own shares (0.7) (0.7)
Purchase and cancellation of shares (0.2) 0.2 (47.4) (47.4)
Dividend paid (33.4) (33.4)
Share-based payments 2.1 2.1
At 31 March 2017 5.7 40.8 147.6 81.8 275.9
           
At 1 April 2015 6.1 40.4 147.6 140.2 334.3
Profit for the year 97.8 97.8
Purchase of own shares (0.7) (0.7)
Purchase and cancellation of shares (0.2) 0.2 (46.9) (46.9)
Dividend paid (32.3) (32.3)
Share-based payments 4.7 4.7
At 31 March 2016 5.9 40.6 147.6 162.8 356.9